‘Bad Idea’ Be Damned: Arkham Maps Strategy’s Billion-Dollar Bitcoin Hoard

While Strategy founder Michael Saylor dismissed the idea of exposing the firm’s bitcoin wallet addresses as a “bad idea,” Arkham Intelligence appears to have done some digital sleuthing of its own. The firm now claims it has uncovered 87.5% of Strategy’s $BTC trove onchain, after linking an additional 70,816 $BTC to the company.

Arkham Lights up 87.5% of Strategy’s Wallet Network

On Wednesday, during the buzz of the ongoing Bitcoin 2025 conference in Las Vegas, blockchain analytics firm Arkham Intelligence hopped on X to share a bold claim: it has tracked down 87.5% of Strategy’s (formerly Microstrategy) bitcoin holdings—including those tucked away in Fidelity Digital’s omnibus custody.

“We have identified an additional 70,816 $BTC belonging to Strategy, bringing our total identified MSTR $BTC holdings to $54.5 Billion. We are the first to publicly identify these holdings,” Arkham stated. “This represents 87.5% of total MSTR holdings (including assets in Fidelity Digital’s omnibus custody),” the company added.

According to Arkham’s findings, 400,398 $BTC has been traced from the 580,250 $BTC Strategy publicly reported owning as of May 19. Arkham pointed out that 107,000 $BTC is held with Fidelity, which, it noted, operates with non-segregated custody. Roughly 327,000 $BTC is said to be stored in segregated accounts—Coinbase Prime among them, the firm added.

Five days ago, blockchain data revealed that Coinbase Prime’s hot wallet was actively funneling funds into Strategy’s bitcoin cache. Each destination address first received a small test transfer of 0.0001 $BTC before larger amounts followed. A visual map of Strategy’s holdings highlights its top counterparties: Coinbase Prime, Anchorage Digital, and Fidelity Digital Assets. Arkham’s data shows that the 400,398 $BTC identified so far is spread across 491 unique wallet addresses.